I also don't agree that the V1 is for novices only. Personally I got tired of carrying around a D700 plus lenses on family outings, vacations, etc. I bought an Olympus XZ1 last year, but was disappointed with the image quality and the speed. I have now tried the V1 for a couple of days and am quite happy. In auto mode it is great for snapshots of my two always-on-the-move sons (2 and 4), but you can also use it for more serious photography. OK, it is no D700 with a 1.4 85mm, but then agains it does not cost 3500 Euro and weigh a ton either. I will continue to use the D700 for studio work and "serious photography" (whatever that may be :-), but I am quite sure I will be happy with the V1 everywhere else.

By the way, I bought mine a Kamera Express in the Netherlands and they told me that the 1 series was selling quite well. I have not seen evidence of price erosion as mentioned in one of the posts above.